Bond Issue, Interest Expenses - Journal Entry

On March 1, 2011, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of $400,000. The bonds sold for $392,000 and mature on February 28, 2036 (25 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight-line method and its fiscal year ends December 31.

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